Bitcoin whales don come back, but Peter Brandt dey warn: make dem reclaim $68K first
Veteran trader Peter Brandt dey tok say Bitcoin still dey follow classical chart patterns, but di latest weekly structure dey look weaker. Him point out say BTC dey trade near $65,261 and below di 18-week moving average around $71,253, and if e break below one rising channel e fit bring renewed downside pressure. ADX near 28.27 show say di trend moderately strong, but di direction still mixed.
On-chain data from CryptoQuant add one supporting counter-signal. Whale selling seem don slow down sharply: CryptoQuant note say Inflow Coin Days Destroyed drop from 2.16M to about 33K, and over 11,400 BTC (about $700M) don move from exchanges to private wallets recently. Brandt view mean traders suppose dey cautious until Bitcoin fit reclaim and hold above di next resistance.
Short-term, Bitcoin rebound dey face resistance around $68,000. Traders dey watch for stronger volume above $68,000 to confirm demand. If dat fail, price action fit shift back to di prior $60,000 area lows. Meanwhile, ETF outflows and wider market caution remain potential headwinds for BTC.
Neutral
Dis news best read neutral for trading becos e get two signals wey cancel each oda. For di bearish side, Peter Brandt dey point out Bitcoin technical weaknes: BTC dey below di 18-week moving average (~$71,253) and e don break down from one previous rising channel, wey historically dey keep sellers dey control until e clear say dem don reclaim. For di bullish side, CryptoQuant whale metrics show say selling pressure don reduce (more than 11,400 BTC move from exchanges to wallets and sharp drop for Inflow Coin Days Destroyed), wey often dey come before market stabilise or bounce back.
For short-term trading, di main trigger na whether Bitcoin fit reclaim ~ $68,000 wit stronger volume. Similar patterns don show before when on-chain “distribution” slow down but price still under key moving averages — markets dey chop first, den dem go decide when volume don confirm. If $68,000 fail, traders fit turn back to di $60,000 area; if e succeed, di whale accumulation signal fit help sustain higher move.
For long term, reduced whale selling fit be supportive, but Brandt broader warning mean say traders no suppose assume immediate trend reversal without structural confirmation above resistance and moving averages.